BU111 Lecture Notes - Lecture 2: Match Game, Crowdfunding, Delivery (Commerce)
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BU111 Full Course Notes
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Identifying an opportunity and accessing resources to capitalize it: activity that large and small firms can engage in i. e. when apple moved into music and cell phone market. It is possible to be a new company that is not small, and it is possible for a small company to be old. Successful only when entrepreneur, opportunity, and resources fit (overlap diamond-e: begins with entrepreneur identifying an opportunity then accessing resources. Idea generation (first step): often in paradigm shifts, originate in events relating to work, or daily life, hobbies, chance happening. Screening (next step): weeding out bad ideas, saves time and money, ensures you have a viable idea with a competitive advantage. Safety point: does the idea have low exit costs: longer time to profitability or greater up-front investment needed = riskier venture. New venture sample analysis: evaluating your business opportunity. Significant value added: unique, recurring value, reachable.
